Theranostics Market Size

Theranostics Market Size

Theranostics Market was valued at USD 2.2 billion in 2023 and is estimated to grow at a CAGR of 13.6% between 2024 and 2032. Theranostics is a term that combines "therapy" and "diagnostics" and refers to an approach in medicine where diagnostic tests and therapeutic interventions are integrated into a single platform. This concept aims to personalize and optimize patient care by tailoring treatments based on individual characteristics, such as disease biology, genetic makeup, and treatment response. Diagnostic techniques are used to identify specific biomarkers, molecular targets, or disease characteristics, which inform the selection of appropriate therapies. These therapies can include targeted drugs, immunotherapies, or radiation therapies, often delivered with precision to maximize efficacy and minimize side effects.

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The increasing prevalence of targeted diseases such cancer, cardiovascular diseases, autoimmune diseases has emerged as a significant driver for the market. For instance, according to the World Health Organization (WHO), in 2020, cancer accounted for nearly 10 million deaths worldwide. Therefore, there is a rising need for innovative theranostic approaches that integrate diagnostics and therapies to personalize treatment strategies, optimize patient care, and improve outcomes for individuals affected by these diseases.
 

Furthermore, growing technological advancements in the field, an increasing focus on precision medicine, and the rising geriatric population, among other contributing factors propelling the growth of the market in the forthcoming years.